Assistance with discussion board questions, business and finance homework help

Hello, I need assistance with my discussion board questions. I’ve provided the questions down below. Please answer questions in complete sentences. Answer questions in 5-6 sentences or more if needed. Be wordy as possible. No plagiarism what so ever! This must be completed by 8pm tonight!!!! Here is the questions:

1.Explain the concept of consideration?

2.In most circumstances, parties are free to make whatever promises they wish, but only those promises made with consideration may be enforced as contracts. What is the purpose of this requirement of consideration?

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